it depends has he ever called you a faggot before has he been bullying you for awhile or is this just an isolated incident if its an isolated incident id just let it go if i were you teenagers can be immature but if hes been bullying you for awhile you should report his behavior to your teacher or a school administrator if you have concrete evidence that hes bullying you eg emails text messages or anything like that bring that evidence with you ifwhen you talk to the teacher or a school administrator